This page has been archived and commenting is disabled.
Jim Rogers: We're Wiping Out The Savings Class Globally, To Terrible Consequence
Submitted by Adam Taggart of Peak Prosperity,
Jim Rogers decries the growing uncertainty and recklessness of global central planners as the world enters unchartered financial markets:
For the first time in recorded history, we have nearly every central bank printing money and trying to debase their currency. This has never happened before. How it’s going to work out, I don't know. It just depends on which one goes down the most and first, and they take turns. When one says a currency is going down, the question is against what? because they are all trying to debase themselves. It’s a peculiar time in world history.
I own the dollar, not because I have any confidence in the dollar and not because it’s sound – it’s a terribly flawed currency – but I expect more currency turmoil, more financial turmoil. During periods like that, people, for whatever reason, flee to the U.S. dollar as a safe haven. It is not a safe haven, but it is perceived that way by some people. That’s why the dollar is going up. That’s why I own it. Will I own it in five years, ten years? I don't know.
It makes it extremely difficult for the investor looking for acceptable risk/reward, or the saver looking to protect their purchasing power; as in Rogers' view, all options have their problems:
I own gold and silver and precious metals. I own all commodities, which is a better way to play as they debase currencies. I own more agriculture than just about anything else in real assets because of the reasons we discussed before. We were talking before about the risk-free or worry-free investment. Even gold: the Indian politicians are talking about coming down hard on gold, and India is the largest buyer of gold in the world. If Indian politicians do something -- whether it’s foolish or not is irrelevant -- if they do something, gold could go down a lot. So I own it. I’m not selling it. But everything has problems.
To Rogers, the bigger danger that concerns him is the hollowing out of the 'saving class' resulting from this situation. Central planners' policies are punishing the prudent in favor of rescuing the irresponsible. This has happened before in world history, and the aftermath has always had grievous economic, social -- and often human -- costs:
Throughout our history – any country’s history – the people who save their money and invest for their future are the ones that you build an economy, a society, and a nation on.
In America, many people saved their money, put it aside, and didn’t buy four or five houses with no job and no money down. They did what most people would consider the right thing, and what historically has been the right thing. But now, unfortunately, those people are being wiped out, because they are getting 0% return, or virtually no return, on their savings and their investments. We’re wiping them out at the expense of people who went deeply into debt, people who did what most people would consider the wrong thing at the expense of people who did the right thing. This, long-term, has terrible consequences for any nation, any society, any economy.
If you go back in history, you'll see what happened to the Germans when they wiped out their savings class in the 1920s. It didn’t lead to good things down the road for Germany. It didn’t lead to good things for Italy, which did the same thing. There were plenty of countries where it wiped out the people who saved and invested for their future. It’s usually a serious, political reaction, desperation in some cases, and looking for a savior and easy answers is usually what happens when you destroy the people who save and invest for the future.
Click the play button below to listen to Chris' interview with Jim Rogers (18m:59s):
Click here to read the full transcript
»
- 63521 reads
- Printer-friendly version
- Send to friend
- advertisements -
It all happened before. Google Banana Wars and Major General Smedley Butler's War Is A Racket.
Deposing uncooperative governments and installing "banana republics" on behalf of the United Fruit Company (now Chiquita Brands International) was the game a century ago.
In Butler's words:
How is that any different from what happened in the last decade and still is happening today?
But...but...they're our HEROES! They're PROTECTING us from evil-doers! LOLOLOLOLOLOLOLOL....
At least grow a garden instead of a stupid lawn like everybody else and some fruit and nut trees. That is something we can all do, except for those of us living in apartments.
It's against the zoning.
you can grow alot in flower pots.
Most of the twerps in suburbia and the big cities aren't going to be bothered to get their hands dirty. They'd need a new manicure, and have to re-mousse their hair- way too much bother for the Starbucks crowd.
Most of the twerps in the hinterlands and the disappearing small towns of America aren't going to be bothered to get new skills. They'd need a high-school education, and have to bathe occasionally...way too much bother for the hay-bale crowd.
says mr former trailer trash turned statist bootlicker who will dazzle you with his "How to become a 1%" feats of glory at the drop of a hat as he peers distainfully down his nose at you...
~~~
Thanks! I was suffering from a bout of insomnia, but you managed to put me to ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ...
hey, years ago I was in a 2 bedroom apartment and dedicated a whole room to growing errrrr.....tomatoes!
and herb(s).
Lol,
At 3k+ /lb. wholesale (non-legal state) you can buy an ton of tomatoes and everything else you need.
Save the veggie gardening for when the weed stops selling. A leverage you can't lose from because production cost is essentially nothing.
I've spent many hours gardening. It's hard and hot work.
You clear a garden plot and mix in compost. You plant seeds in nice rows. This takes many hours. The sun bakes the soil for a few days, so you tote water. Then the rains come and wash half the rows into oblivion.
The excessive rain & sun is hard on the desirable vegetable green shoots, but the weeds love it. Weed, weed, weed. Eventually the green shoots get six inches high and recognizable as vegetables. The bugs find them - fucking kamikaze squadrons of Japanese beetles come swooping out of the sun in never-ending waves of destruction. Cutworms attack the roots from below. You spray and powder insecticides around like a damned Chemical Ali trying to fight off the invasion.
The green shoots flourish, kinda. Thirsty buggers! Tote more water. Weed endlessly. Apply more insecticides.
The nocturnal mammal critters find your garden. A woodchuck mows through two rows of broccoli in a single night, like a machine. Rabbits eat and eat. Cats wander in, with their own concepts of digging and watering and fertilizing. Squirrels dig up plants relentlessly, just because they like to dig in loose soil. Birds peck one or two holes in each tomato as they start to ripen. They also peck at the strawberries. Deer wander in and eat all the asparagus, then move in on the fruit trees
Weed weed weed. Tote water.
When the crops finally come in, they come in all at once. Buckets of tomatoes & squashes & cucumbers & beans. It'll all spoil in a few days unless you process the bounty and put it up in canning jars. Hard work!
Anyone who thinks they'll exit the rat race and live a life of ease off the fat o' the land hasn't tried it.
my wife said she'd can if I did the gardening, i gardened, she did't can (I'm not clean enough to can) so we ate fresh what we could and threw the rotten rest at eachother.
Family A had deposited their wealth in Continental bills then later in Confederate Dollars, Family B had always deposited their wealth in gold and silver......
Family A "inspired" by banker's politicians, killed Family B, and turned over their wealth the the banker's politicians in exchange for a Big Mac.
Its insane. To consider a potential ww3 over "debt" of pretend paper currency. How evil can these elites really be to let something like this happen. Im not religious but the bible and revelations comes to mind. This is so sickening.
I doubt very much that it will be a nuclear war. Living 400 meters underground in a bunker for 40 years must not be appealing to them no matter how luxurious that bunker is. The elites tend to enjoy the country life and by using nukes they can kiss that lifestyle goodbye.
I guess they'll sooner wipe us out with some new disease which they just happen to have the antidote for and which they won't be sharing with the rest of us.
You are working under the assumption that everyone with nukes is rational. I think if you were to look at some of the more "fundamental" societies you might see their pragmatism towards the future has a more "unearthly" perspective. The list of possible evil fates that await is long indeed. It is unfortunate that we are suffering this shit economy as the illusion of prosperity would normally distract us from these African American swans. I don't think we are allowed to say black anymore.
So people with money will lose their money if not invested but people with no money will leverage a loan into a bubble asset and come out ok....
What a douche!
Big Boys must really be worried about gold to dig up Rogers to talk the price down.
The guy always like gold. Never likes the price.
Absolutely right. Wrote the same thing on the last page. He always say to buy agriculture but gold is NEVER cheap enough for him to buy "now".
He's an elite hack. Full of half truths and lies - doesn't care one bit about savers.
By the later stages, Roman Senators had large, multi-county size estates. The citizens would appear at these self sufficient, profitable plantations and surrender their citizenship for food and shelter, becoming serfs or slaves to those that impoverished them.( think voting Democrat for Section 8 and EBT. ) These Senators became kings and their estates became principalities.
Similar to Yesminster, Whitewash, the EUSSR and CONgress today...all attempting the same scam. Not that the rest of the world's wannabe slave master political class are any better; in fact, they are worse in their daily tyranny and Murder Inc. targetting their own people first.
The love of money is the root of all evil.
The difference this time is that when we show up at their gates, we'll have guns.
+271 AD.
Yes, the "Middle Ages" actually started before the date formally recognized as the end of the (Western) Roman Empire.
Read about the Crisis of the Third Century.
The key point is that money is freedom. Diocletian destroyed money and destroyed freedom to perpetuate the power of the elites of the empire.
Right now the elites are destroying money.
Why?
This question will be on the final exam. Prepare well.
It's beyond being obvious, but no one of any consequence is calling it a DELIBERATE POLICY, but us tin-foil helmeted munchkins.
BARRY THE DOPE DEALER, is Why His School Files are SealedO'bomba was raised by his freak dysfunctional family of a slut mother and her CIA parents. The poor boy didn't know who he was, and drugs helped him overcome the child abuse. He was selected to succeed by the family's 'friends'.
And here he is: the empty suit, doing as he is told by the puppet master, gangsta banksta zionists, crypto-communists.
I feel sorry for Michelle, and her genuine American family, right or wrong.
Actually, a new class of savers is being born - a class that saves in gold/silver.
I like the three wise Jims: Sinclair, Turk and Rogers. Wise ol' birds.
And they all say similar things in different ways: modern money masters are the new kids on the chopping block, and losing their heads...along with many ordinary innocent people who did not join that party, but are being ruined by it.
Gold, silver, land, agriculture. Buy what cannot be printed by powerbrokers.
Sorry but if you're not talking price you're only buying me into the next mania. "the whole thing sounds like bs to me." I ask myself this: "what are the banks buying into" and I would argue "very little."
What the fuck do you know about "price"? - sounds to me like you're confusing it with "value".
Sounds like a cynic.
sitenine,
'vet' reminds me of the old saying: bulls and bears make money. pigs get slaughtered. no offense against 'vet'. just observing that there is a time to buy and sell. politics blinds common sense.
Bulls and bears you say? I thought only central banks 'make money'...
Common sense you say? Geezers Need Excitement - https://www.youtube.com/watch?v=L2RlqFeNgDI
;)
And I raise you this: The Who. 'Don't Get Fooled Again'.
;-)
...vet.
Banks and hedge funds are buying gold, silver, land, agriculture...anything of tangible value. Central banks are nett buyers of gold (and silver, quietly).
Crimex assists. Down goes the paper price. Up goes physical.
." I ask myself this: "what are the banks buying into" and I would argue "very little."
No, not very little, all the Au they can get their hands on globally.Just llike every soverign, except for the West.
Gold, silver, land, agriculture. Buy what cannot be printed by powerbrokers.
Agree with you on the three visionaries.
BUT, IMHO your a fool to invest in US land, agri stocks,nat gas, energy stocks YES.
Land will be the first thing they steal from you.Out of the items you listed it's the one biggie, that you can never OWN.
Our leaders, Europe, Japan, now India ... all kowtow to the parasitic class and provide the muscle to back up their ruinous policies, again on behalf of the amoral, parasitic class.
The particular dynamic geared-in now perversely tends to reinforce and reward bad behavior and simultaneously fail to reward or even persecute healthy behavior and the healthy members of the body politic.
The gears tighten until mother nature, uh, calls game over.
Many people in the United States know this is true, emotionally even if they cannot elucidate what the trouble is.
This has happened many specific, identifiable times in history and we know how it ends.
A good observation. This, to me, is the most important reason to have a vibrant 'middle class'. I'm all for helping the needy, indeed it is one of the noblest things one human can do for another. - When does the relationship stop being symbiotic and start becoming parasitic though? Then you've got to ask yourself, how much is enough for a parasite? The answer is usually that the parasite will kill the host even to its own demise. Such is the natural cycle of life I suppose..
"Why?" Asked the frog of the scorpion, as they were about to sink in the middle of the stream.
"Because it is my nature" replied the scorpion.
the relationship must be give and take, even if the give is far greater than the take. it's the heart that counts. thieves (gubmint, wives, children, etc) don't say please, thank you or I'm sorry.
It won't be long until the term Savers will be synonymous with Hoarders, and by extension Terrorists........
Said the guy hoarding all those tasty freshly flossed bits of meat from his teeth.....
Sounds like Rogers is motivated by death by giving the interview on his treadmill. Wonder how China is going to treat Americans as the hostilities over the East and South China Seas, Africa and the middle East build. I would not want to be in Singaphore when TSHTF. And I would not want to be in the US either. He is like most others with money at this time in that he agrees that things are quite bad for holding onto money by any safe means. Whatever individuals put their money into has been made risky by one Ben Bernanke and other central banks. Probably won't see him at any protest marches.
Last time I checked Singapore wasn't in China. In fact, it wasn't even close!
Singapore is quite safe as more and more rich people keep their money there.
Singapore: safe for prostitutes in every sense, and dull.
He confused who got bailed out, obviously not the irresponsible borrowers, rather the irresponsible lenders. But as always he is spot on. Its a shame he's to bright to get into politics or (more involved in) information media. Very likeable guy who likes to speak the truth.
The biggest borrower of all is being bailed out at the tune of $1 trillion every year. Folks that declare bankruptcy or walk away from their loans get bailed out too. Everyone is at this party.
" Folks that declare bankruptcy or walk away from their loans get bailed out too."
I gotta disagree with that. One party pays interest and one party takes risk, that's the way it should work.
There's always a problem with transcripts, without the nuances of speech, the pauses, changes of tone etc, it's far too easy to take a meaning that's different from that intended- and usually expressed, in the conversation.
"There's no place to put your money."
There are many more square miles in the u.s. than there are banks. A hole in the ground is a start.
I look forward to meet JR and Simon Black next month, at Simon's global meeting. Beats blogging and surfing. Would rather check out Chile in person. Because I can, bitchez.
Don't come back.
"Hey, everyone, look at me! I can afford airfare to Chile! AND I like to pluralize my words with "z" instead of "s," because that's what all the cool people do!"
LOL...you fucking tool. Just because your parents were low-class twats who taught you absolutely nothing doesn't mean you have to go out and DEMONSTRATE it to everyone. Then again, people like you are almost always twats until the bitter end, so never mind...
Central planners' policies are punishing the prudent in favor of rescuing the irresponsible.
Absolutely true, because the irresponsible own/are the central planners.
Most of these media money guys are one way or another just talking their books, but sometimes they accidentally say something of value.
I do think the USD will be the last player standing in the currrency musical chairs game. And if it isn't, we'll just blow any ahead of us off the face of the earth, one reason we need to avoid throttling the military too much. What's coming is not a considerate, play nice world.
Multigenerational old money that has survived similar turmoils has owned PMs, real estate, and fine collectibles, in addition to having some safe liquid money du jour for essentials as the messes have played out.
Don't be stupid! The parasite class needs the savings class' money! So hand it over or we will drone you.
Rogers was a big buyer of gold from 350-650.
fellows americans, can you provide us some information about
ObamaCare Bill HR 3962?Has this bill passed? The "device" "to be implanted" is chip RFID?
Sorry to ask, but people keep telling me about it.
O'bomba passed the NDAA which allows indefinite detention of U.S. citizens without charge or trial, so you can assume that he is a Nazi who would brand anyone in the name of his slave master gangsta bankstas who funded the German Nazis, and imported their favorites to the U.S.A. after WWII.
No one ordinary can know for sure whether the Nazi RFID is implanted in the Obamacare decree. There is no clear mention of it in the mainstream news or information for citizens. Typical Nazi tactics. Confuse and conquer.
America: enslaved by O'bomba.
In this document:
http://housedocs.house.gov/rules/health/111_ahcaa.pdf
(Which I don't know if it's correct, if it's the bill approved, but has been appointed to me as being such).
there are many references to "medical devices" as in here:
‘‘(1) M EDICAL DEVICE .—The term ‘medical device’ means any device (as defined in section 201(h) of the Federal Food, Drug, and Cosmetic Act) intended for humans.Has it passed? Or it's H.R.3590 the one passed?
A medical device can include items such as a pace makers, blood pressure monitors, thermometer, breast implants, hearing aids etc etc etc...........
(Sadly shaking head.............)
Forget it, it's BS.You want to see the total overthrow of the US gub?.This subject would be more HOT than the budget deficit, or GUNS issues.
No way MOST Americans would ever submit.
Even if it meant ZERO Healthcare for them.
There is a provison now in place ( in Ogoober Careless) that records are transferred and kept electronically to .gub.
liars hate truthers. bankers(fiat) hate gold and silver.
it's lies and make-believe shows all over the world.
when they kill off all the truthers, what do they have left? zombies liars will start eating each other until the earth becomes as deserted and barren as the egyptian pyramids.
modern skycrapers are not as strong as the pyramids to withstand sandstorms and hurricanes. dubai, after 1000 years, will be wiped out without a trace.
those evil forces behind the 911 plot are planning for much bigger attacks on humanity to promote their evil agenda of NWO. they're offsprings of the Huguenot sect, the communist extremists(exiles) from the old continent in 17 and 18th.
the worst is yet to come.
jimmy and his fucking bow tie, he has not said anything worthwhile for years. I wish would keep his trap shut and quit spouting off about how great it is that his kids are learning chinese. Those people are going down he drain, anyone learning chinese is a fool.
No savings = no economy = no money for your sort.
seemples.
Arrrh, the Idiocracy! 'They' had to arrive here eventually.
Sighs...
We're all allowed a 'federally allocated recommended daily allowance of pussy'.
Don't count this one, just everyone eventually sounds like stanhope.
You have been had, done, turned over, shafted by O'bomba, the poor deluded boy of a slut whose crypto communist parents of CIA zionist persuasion had 'friends' that 'helped' the boy to endure child abuse with drugs, and paid him off by giving him a very privileged 'education', whereby he became a charmer...for them and their freak ways to use for their Nazi agenda. There he is: an empty suit, doing as he is told, as per usual. end of story.
"USD... going down against what?" Against the Chinese Yuan, duh!
The majority of CB's are beholden to the Fed, and the Fed plans to use its muscle as part of America's geopolitical objective. In the case of China, the Fed's goals are: 1. Inflate its way out of Chinese debt, and 2. Force inflation upon its nearest super-rival, China, and thus precipitate economic and social unrest -- to weaken and destabilize China.
/Guys, this is transparent and straight forward stuff, not quantum or string theory. /sarc
Chairsatan will win the currency war by his print fest. Every ordinary person will lose.
Fortunate investors will defy the Fed. Buy gold, silver, land, agriculture, commodities.
As the private banks who own the Fed are doing.
Pet.
Does it not occur to you that it is wrong to ruin ordinary, innocent, hardworking people who do you no harm?
Why do you always have to be so negative newengland?
/sarc turned up to 11
'we are wiping out'
If you talk of we in the negative, stop doing it. If it is not you doing it, then say
"they are wiping out savings"
The slave identifying himself with his ruler. The Stockholm syndrome.
Yes, monetary policy is eroding buying power, but concentration of wealth in the hands of the few kills consumer spending. One guy making a million per year won't buy as much food, gasoline and clothing as twenty people making 50K per year.
Take it from an successful entrepreneur: the rich aren't wealth creators, consumers are: http://www.youtube.com/watch?v=iIhOXCgSunc
your argument is so flawed.
first you are right the rich aren't wealth creators. people who produce more than they consumef, rich poor and in-between, are wealth creators.
your use of the word consumer is just stupid. people who consume must produce something to consume. there isnt some group callled "consumer" that does not also produce, unless those people are stealing. then they are thieves, which there are a lot of these days.
and I am sure this mythical group you call consumers could make an iphone or car engine or harness nuclear energy. based on how flawed your argument is I can only surmize that you are an idiot
Yeah, there's no such thing as the service industry. Thanks for clearing up that misconception for me, genius. Since you've got a stranglehold on the truth, explain to me how producers stay in business without consumers to sell their iPhones to.
Service providers can be producers. I never indicated they couldn't. stop making stuff up. A lawyer can produce a document that allows two people to enter into a contract, an accountant can produce financial information that helps someone produce something more efficiently and a mauseus can produce relaxation that makes a person more productive and on and on.
Producers stay in business by selling stuff to other people who produce stuff OR by selling stuff to other people who steal stuff (ie bankers and welfare recipients and governments) OR to people who have been given money by people who produce stuff like children, charities, borrowers etc.
Got it?
Mussolini described fascism as, when the power of government and large corporations merge and that is where we are at now. We have a fascist world government. Most central banks are now acting as one. They are not printing money to debase their own currency they are simply doing it provide liquidity throughout the world. We will soon have a world central bank and a world currency. The price of gold/silver, oil, grain, stockmarkets etc. is being manipulated by the 'world' central bank. Multi-national companies are acting as world wealth distributors with the aid of the banks. RBS, 80% owned by the British taxpayer lent Kraft $1bn to make a hostile takeover of Cadbury, a profitable well run company who were known as excellent employers. Kraft then started to move production to Poland. Another old British company, Twinings moved production to Poland with EU incentives partly paid by the British taxpayer. Twinings moved production from Middlesborough, which has the highest unemployment in the country.
If you twats would put down the cuppa and get to work, maybe my tin of Coleman's mustard wouldn't cost almost $5.00.
And tell those pricks to put back the tin lid instead of that fucking plastic plug. :)
Found this site in my bookmarks as I was cleaning up some files. Haven't accomplished much since. Good historical data here. Not sure about the projections.
http://www.usgovernmentspending.com/
Excellent article describing what's going on.
Many indebted people, and property owners who now have their mortgage rates reduced by zirp and government 'special offers' at the expense of prudent savers, are people who put little or no deposit down (100% or even 120% mortgages of property value were commonplace in the UK housing boom), failed to carry out due diligence when they bought a property, failed to ensure they have sufficient back-stop in their finances if and when rates went up, AND in many cases were simply and greedily climbing on board a 'capital profit gravy train' which was already heading for the buffers, if only they had done their homework and could have seen it.
Those who were not one of the above often took their mortgages out when rates were much higher and therefore would not be in dire straits if interest rates were now normalised.
Governments now have the balls and obscene arrogance to justify zirp policies by referring to all these people collectively as homeowners 'at risk of negative equity' if they aren't given help with their housing costs and repayments via zirp.
In the UK, the plight of prudent savers and investors is never mentioned by any politician (including Labour Luvvies) nor MSM (most of whom are stuffed full of the very same people now benefitting from zirp).
As this and other articles rightly say, the political and CB filth are punishing the good guys for the actions of the bad guys.
The incomes of the middle class are falling because the politicians elected by them make rules for the benefit of and work for the real rulers of the world, the top richest 1% of the population and the major contributors to their election fund.
They bail out the bankers and the rich corporations (who should not be in business because of their incompetencies) without even changing their previous management because they fund the election campaigns and also place them in their organisations at exorbitant salaries once they leave office. This class alongwith the rich individuals pay the minimum amount of tax while getting the maximum benefit of the tax collected from the rest of the population in the form of bailouts.
The rest of the population is least of their concerns. The only activity they do is pacify the majority of the population using false statistics and promises of a better future so that they do not lynch them and their masters while they are robbing the taxpayers.
http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in
All you have to do to ensure that bad things happen is to make it pay.
Savers tend to be older folks. Those with not a long life to live and nothing much to lose. For many of them, going to jail would probably get them better fed, better health care and free TV and no one is going to want to poke them when they drop the soap in the shower.
Add to that the fact that many of these modern weapons are much easier to fire than they were a few generations ago.
It is sad that our 'brilliant' central planners can not use logic and add two and two in regards to where this is going. You kick the poor, the old and the downtrodden and, psychologically, at some point, what choice will these people have?
They won't be shooting at their fellow citizens....unless they get in the way.....and that is not likely to happen. Everyone wants the mess cleaned up for them. At some point, someone is going to take it upon themselves to clean up the mess and many more may join in the mayhem
Simple logic
"...but if such coordinated action isn't successfully undertaken to extend what everyone knows is a Pyramid Scheme, massive economic disharmony always..."
1+1 ALWAYS = 2. All Ponzie schemes fail. What happens when an extended bubble bursts? So succefully extending the Ponzie scheme is of what value? The bigger the boom, the bigger the bust. Germany sidestepped the correction followng WW1. In 1923 they crashed harder than those who corrected for the excesses of the WW1 era. Sidestepping the .com era correction by creating a housing bubble, made things worse in 2008.
There is never any getting around the math and trying to do so makes things worse when the math catches up wit the fraud that was intened to get around the math.
I own gold and silver and precious metals. I own all commodities, which is a better way to play as they debase currencies.
Well yes, savers should diversify their portfolio. Savings should never ever be considered as money only parked in a bank savings account or CD. Mr. Rogers' concern should be directed to those who haven't yet figured out that paradigm. Banks are not the only game in town and they certainly to my experience do a crappy job of IRA handling.
And continuing to subsidize (bail out) and enrich those who already control all the levers, knobs, and dials.
My Uncle Jim is Always right!